Eyewear refers to accessories that are worn over the eyes for reasons such as correcting the vision and protecting eyes against excessive light, debris or harmful radiation. The lenses of eyewear products are made using materials including glass and plastic, whereas frames are manufactured using metal or plastic. Currently, an increase in the utilization of electronic gadgets has been witnessed among both the children and adults, which is resulting in the rising prevalence of eyesight related problems. Apart from this, exposure to UV rays in confluence with the growing geriatric population is also impelling the global eyewear market growth. Additionally, governments in numerous countries are undertaking initiatives to build partnerships with different organizations to offer affordable eye care facilities, especially in rural regions. According to the global eyewear market report by IMARC Group, the market reached a value of US$ 120 Billion in 2018, registering a CAGR of 3.4% during 2011-2018. Looking forward, the global eyewear market size is projected to reach US$ 141 Billion by 2024, at a CAGR of 2.6% during 2019-2024.
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In this article, we take a look at the leading eyewear companies across the globe:
Luxottica Group S.p.A.
Luxottica represents one of the world’s largest eyewear company that manufactures and sells eyewear frames, catering more than 20 licensed designers’ brands like Chanel, Tiffany and Burberry, and various house brands including REVO and Ray-Ban. It has approximately 7,000 stores (around 615 stores are franchises) and operates LensCrafters and Pearle Vision optical stores, Sunglass Hut, Watch Station and Watch World, and the EyeMed Vision Care group. Apart from this, it also owns the US sport sunglasses maker Oakley and China's Modern Sight Optics. Further, the firm announced an agreement to merge with France-based lens-maker Essilor International in 2017.
Essilor International S.A.
Essilor International S.A., formerly Essilor International Compagnie Generale D'Optique SA, is a France-based ophthalmic optics firm that strategizes, manufactures and markets a range of lenses to enhance as well as protect the eyesight. It also develops and sells equipment for prescription laboratories, instruments and services for eye care professionals. Besides this, it operates through three segments including Equipment, Lenses and Optical Instruments, and Sunglasses & Readers. It announced an agreement to merge with eyewear giant Luxottica in early 2017.
Safilo Group S.p.A.
In 1934, Safilo was established by the Tabacchi family after buying Italy's first lens and frame production plant. It represents another leading player in the global eyewear industry which makes and markets sunglasses, eyeglass frames, sports goggles and eyewear accessories. It primarily sells high-end products through sporting goods stores and opticians in nearly 130 countries under its owned Smith, Carrera, Oxydo, Blue Bay, Polaroid, and Safilo brands.
Johnson & Johnson Vision Care Inc
In 1959, Johnson & Johnson Vision Care started operating as Frontier Contact Lenses, a small firm in Buffalo, New York which manufactured hard contact lenses. In 2017, the company acquired Abbott Medical Optics (AMO), a leader in ophthalmic solutions which offers technologies in cataract surgery and laser refractive surgery (LASIK). Johnson & Johnson Vision has its business units in the USA, Brazil, Singapore, UK and Germany.
Alcon Laboratories, Inc
Founded in 1945, Alcon was a small ophthalmic shop in Fort Worth, Texas. Recently, the firm entered a strategic alliance with PowerVision, Inc. to develop fluid-based accommodating lens implants. The company has its manufacturing and distribution sites in Indonesia, Georgia, Germany, Malaysia and Singapore. In these manufacturing facilities, it produces daily disposable, monthly replacement and color-enhancing contact lenses.
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